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Do Kwon's Millions Are Not in South Korea, Prosecutors Say: Report

According to South Korean prosecutors, Do Kwon, the founder of collapsed crypto issuer Terraform Labs, has no property in South Korea, despite prosecutors estimating that he and eight other executives made a total of $315 million from the enterprise. Prosecutors believe that almost none of the 91.4 billion won ($69 million) belonging to Kwon is in South Korea. The prosecutor's investigation found that 154 billion won are suspected to be in Terra co-founder Daniel Shin's possession, but prosecutors have been unsuccessful in obtaining an arrest warrant for Shin. Kwon was arrested in Montenegro last month and is facing criminal charges in both South Korea and the United States.

(By Sandali Handagama)

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